Significance of Human Resource Development in Globalised Scenario

The roles and responsibilities of Human Resources departments are transforming as the modern business faces pressures of globalization. The global supply of talent is short of its long term demand, and the gap is a challenge for employers everywhere. The shortage between the demand and supply of talent is likely to continue to increase, notably for high skilled workers and for the next generation of business executives. Now organizations need to place greater emphasis on attracting human capital rather than financial capital. Global staffing and management of a workforce diverse in culture and language skills and dispersed in different nations are the key goals of global human resources. Only those multinational enterprises willing to adapt their human resource development practices to the changing global labor market conditions will be able to attract and retain high performing employees. Companies with the ability to foresee their business needs and their workforce needs - especially for high skills - will gain the decisive competitive advantage. Donthireddy Siva Reddy "Significance of Human Resource Development in Globalised Scenario" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-1 | Issue-6 , October 2017, URL: https://www.ijtsrd.com/papers/ijtsrd3536.pd